Texas mortgage broker waives reverse mortgage lender fee to assist retirees
ALLEN, Texas, March 15, 2023 /PRNewswire/ — As the economy faces soaring inflation and rising interest rates, many seniors are feeling the pinch of the higher cost of living. To ease the stress of planning for retirement or managing finances during retirement, Competitive Home Lending is waiving its origination fee for reverse mortgage loans until the Fed stops increasing rates and the inflation target is reached.
Reverse mortgages are a valuable financial tool for seniors looking to access the equity in their home. The loan allows homeowners to receive cash payments or a line of credit based on the value of their home. With Competitive Home Lending’s offer to waive the origination fee, seniors can access these funds without incurring additional lender fees.
How does a reverse mortgage work?
“We understand that seniors are facing difficult financial choices in this economic climate,” said Raul Hernandez, Mortgage Broker of Competitive Home Lending. “We want to make it easier for them to access the equity in their homes and use that money to support their retirement plans or manage unexpected expenses.”
Reverse mortgages can also be used for retirees who are planning to downsize and purchase a smaller home. It is a great way to reduce expenses when planning to live on fixed income because the loan does not have to be repaid for as long as the home remains their primary residence.
Using a reverse mortgage to downsize.
Competitive Home Lending’s goal is to add a bit of certainty for seniors during a period of economic uncertainty. “We hope that this offer will provide some relief to seniors who are struggling with the rising cost of living,” said Hernandez. “We believe that reverse mortgages can be an effective financial tool for managing expenses and planning for retirement, and we want to make them accessible and affordable to those who need them.”
Reverse mortgage process and resources.
About Competitive Home Lending
Competitive Home Lending is a leading mortgage broker in Texas and Colorado. With a focus on home affordability, Competitive Home Lending is committed to providing homebuyers with direct access to wholesale mortgage rates from the nation’s best mortgage lenders. For more information, visit Competitive Home Lending – NMLS #1047944.
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SOURCE Competitive Home Lending